Merriam-Webster defines complacency as self-satisfaction, especially when accompanied by unawareness of actual dangers or deficiencies. This definition can apply to many areas of our lives, including health, relationships, work, and of course, life insurance.
I have previously opined that the primary reason people are hesitant to review their life insurance program is because they are uncomfortable confronting, discussing, and planning for, their own mortality. But certainly another strong reason is complacency.
If we think “Hey, I’m in good shape, I’m only 25 (or 35, 45, 55, whatever), I’ve got plenty of time to deal with these issues,” there’s no sense of urgency. But that’s a mistake, because there’s no way of knowing how much time we have. The alarm is set for all of us and we don’t know when it will go off, which, of course, is why life insurance exists.
Complacency, as it relates to life insurance, can be addressed in a couple of ways. The most common is when someone we know dies prematurely. Seeing how the survivors are impacted can be a wakeup call.
A neighbor of a man I coached Little League with died, and the wife moved the kids back to her hometown. I don’t know the circumstances, but that is not the ideal remedy. The kids have to deal with losing the second most important person in their life (let’s face it, mom is number one) and now they have to deal with losing all their friends. As I said, not ideal, but maybe the financial situation necessitated it.
If there was sufficient life insurance, the mother could have kept the kids in their current environment indefinitely, and only moved if and when such a move was in everyone’s best interests. As I always preach, life insurance provides options.
Another way in which complacency can be addressed is through a referral by a trusted source. Two criteria must be present for this to happen. First, the person making the referral must be impressed enough with the professionalism of the agent to insist that the referee meet with him/her. Note that there is no insistence to buy, just to have a meeting. And second, the referee must feel that the person making the referral has his (the referee’s) best interests in mind and not those of the agent.
Complacency in any area of our lives can have disastrous consequences. Failing to get that rash checked out or neglecting our spouse or job can potentially cause a great deal of pain. The difference is that with most forms of complacency, we feel the pain, but with life insurance, we feel no pain. It is only our loved ones who suffer.